Filing Your W-8BEN Form

The International Revenue Service (IRS) has provided taxpayers with the ability to voluntarily disclose accounts and income that were not properly reported in the past. This is largely a result of the Foreign Accounts Tax Compliance Act (FATCA) which was passed in 2010 and came into effect just last year. The law requires foreign financial institutions to provide more detailed information about U.S. citizens who hold accounts or assets overseas. Since the law has gone into effect, the IRS has continued to search for undisclosed income and accounts that are hidden overseas and is prepared to levy strict penalties and charges for those who are in non-compliance.